Cryptocurrency trading is attracting more and more people to invest and trade. Therefore, the need to find the best cryptocurrency trading platform is also of great interest. Bittrex and Binance are two of the most popular platforms for their trading volume, security, reputation and quality of service. Bittrex was a cryptocurrency exchange with the most significant trading volume globally before the arrival of Binance. The article below compares Bittrex vs Binance and discusses the two giants in the crypto trading space to see which one is better.
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Bittrex vs Binance Overview
Bittrex was once the world’s largest cryptocurrency exchange by trading volume. But after Bittrex implemented stricter KYC and anti-money laundering policies, Binance appeared and quickly rose to become the number one position in this market. Today, Bittrex is still a popular cryptocurrency trading platform, but it is no longer in the dominant role it once played.
What Is Bittrex?
Bittrex is a cryptocurrency exchange launched in 2013 in Seattle, Washington. At that time, Bittrex was one of the first cryptocurrency exchanges in the United States. Although U.S. financial regulators do not regulate Bittrex, they still comply with U.S. laws and reports on FinCEN (Financial Crimes Enforcement Network). Currently, this cryptocurrency exchange offers more than one trading market for over 250 cryptocurrencies with over half a million users.
The advantage of the Bittrex cryptocurrency exchange is that it is based in the United States, so it is very convenient for users from this country. In addition, the exchange offers up to 250 different cryptocurrencies and supports credit and debit card payments. In addition, Bittrex does not require a minimum deposit, so it is very convenient for new users. In particular, this exchange is also famous for its high security and easy account opening.
In addition to the benefits, Bittrex also has limitations that reduce the user experience. One of the disadvantages of Bittrex is that they do not support margin trading or derivatives. Although based in the United States, Bittrex is not currently regulated here. In addition, nowadays, mobile devices have become extremely popular globally, but Bittrex’s mobile application is not a priority in their development strategy, thus providing a poor experience for users.
What Is Binance?
Although Binance appeared later than Bittrex in 2017 in China, it is currently the world’s largest cryptocurrency exchange by trading volume. Binance now offers both the leading platform and the Binance.US platform specifically for US traders and Binance Jersey for EU traders. Binance provides more than 500 different cryptocurrencies, of which BNB and BSC are two tokens developed by Binance itself. Currently, the platform has more than 13.5 million users.
Binance has a significant advantage by offering many cryptocurrencies, up to more than 500 types. In addition, the transaction fee of only 0.1% is a low fee which is also a significant advantage of Binance. In addition, Binance offers P2P trading features and direct conversion from Fiat money to instant cryptocurrency, which is also an advantage to help users quickly own cryptocurrency without much experience. Binance is also well known for its diversified and easy-to-use trading platform for web and mobile versions. The platform also offers credit and debit card payment gateways, with no minimum deposit required. Binance is also loved for providing a wide variety of trading markets, including P2P trading, spot trading, futures trading, options and leverage. In addition, Binance also offers separate and professional cryptocurrency wallets, Binance Trust.
Although there are many advantages, Binance also has some limitations as follows. Binance.US only supports 50 cryptocurrencies and is not regulated in the United States. Credit and debit card transactions and instant transaction fees on Binance are very high.
Bittrex vs Binance Trading Fees
Bittrex and Binance’s transaction fees are both relatively low on the market. However, on all the different factors, Binance has better transaction fees than Bittrex.
Bittrex charges fees of 0.25% to all transactions on the stock exchange. Meanwhile, Binance only charges a fee of only 0.1%, and for transactions that use Binance Coin to pay transaction fees, users only have to pay a 0.05% fee.
Binance vs Bittrex Spot Fees
Binance charges a 0.1% commission for spot trading and a 25% discount on trading fees if paid in BNB. At the same time, Bittrex uses a commission of up to 3.5% / transaction. On the bright side, however, is that both Binance and Bittrex offer discounts for high-volume trades: with Binance, users get discounts when trading more than 50BTC/month, and Bittrex discounts when transactions reach $25,000/month.
Binance’s instant transaction fees compared to Bittrex
Both Binance and Bittrex allow the purchase of cryptocurrencies with debit and credit cards. However, transaction fees through this form are expensive, Bittrex charges 3%, and Binance charges 1.5% for credit card cryptocurrency purchases.
Deposit and withdrawal fees
Both Bittrex and Binance do not charge deposit and withdrawal fees in all payment methods. However, if a user withdraws cryptocurrencies, users will pay a transaction fee to the blockchain network, which depends on the cryptocurrency, not the exchange’s fees.
Bittrex vs Binance Features
The trading characteristics of Bittrex and Binance are almost similar. Both platforms build a charting system based on TradingView charts that are updated in real time and many technical indicators. Both Bittrex and Binance support various order options: market orders, limit orders, pending orders… However, when comparing trading features, Bittrex has the upper hand in providing stop losses, and the limit of the order scale helps users manage risk more flexibly.
In terms of functionality on mobile applications, Bittrex is considered more limited than Binance in terms of user experience.
In addition, in addition to the transaction function, Binance once again has the upper hand when providing a variety of related services in the cryptocurrency ecosystem: trading, staking, saving, NFT… In addition, Binance has also launched two private blockchain networks in Binance Chain and Binance Smart Chain. They also launched their BNB token, which was very successful.
Bittrex vs Binance Product
Both Bittrex and Binance offer a full range of major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many other well-known cryptocurrencies. When it comes to volume comparison, both Binance and Bittrex are known as cryptocurrency trading platforms that offer many cryptocurrencies in the market.
Bittrex has over 250 different crypto assets to choose from. Meanwhile, Binance has supported over 500 other coins on the market and the number continues to grow. However, most users often do not trade or use all the cryptocurrencies offered, especially newbies.
Bittrex and Binance Reputation Comparison
Bittrex and Binance are both trading volumes trading globally. However, Binance has more than 14 million global users, while Bittrex has just over 500,000 users, mainly from the United States. It does not prove that Binance is more reliable because Binance’s development strategy is global, while Bittrex is focused on the US market.
Speaking of credibility, neither any country regulates Bittrex nor Binance. However, Bittrex is based in the United States, complies with U.S. law, and reports to FinCEN. Meanwhile, Binance also complies with FCA regulations from 2021. Although Binance has been investigated in history, however, the exchange continues to operate in the United States and is famous for its security and the resources of global customers.
Binance and Bittrex Security
Security is one of the main factors that customers are interested in learning about cryptocurrency exchange. The security settings of Bittrex and Binance are quite similar. However, it can be said that Bittrex has the upper hand as it has never been attacked in history. Meanwhile, Binance once encountered an attack that lost $40 million. But even then, Binance won the hearts of users when it compensated customers for all damages and then upgraded the exchange’s security system to ISO standards. With these changes, Binance has always been appreciated for its level of security and protection.
Bittrex vs Binance Interface
Speaking of the interface of Bittrex and Binance, both platforms have some advantages.
Bittrex provides a simple interface that allows users to easily connect to the traditional banking system. However, it is only compatible with customers in the United States.
In contrast, Binance is a multifunctional trading platform with multiple interfaces to meet different user experiences and needs. Therefore, Binance is considered a friendly platform and has an easy-to-use interface with global users. However, Binance offers multiple features within the crypto ecosystem can be overwhelming for newcomers to an account.
Customer service
Neither Binance nor Bittrex are overrated in terms of customer service. Both Binance and Bittrex use a ticket system, which allows customers to submit help questions or chat online. Binance’s live chat is also more stable and has faster processing speed. Both platforms don’t have hotline customer support, so the processing speed may not be as fast as with other platforms.
Conclusion
Overall, Binance and Bittrex are highly valued by users for their experience and service. However, Binance has the upper hand when it comes to serving the vast majority of clients globally, with different traders’ needs and experiences. In addition, Binance’s transaction fee and mobile application are higher than Bittrex’s. In addition, Bittrex prioritizes serving U.S. customers. Therefore, Bittrex can receive more favors from users for customers only in the United States.
